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Short Term Technical Analysis for Majors (07:00 GMT)

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Short Term Technical Analysis for Majors (07:00 GMT)

Postby WindsorBrokers » Mon Jun 27, 2011 7:37 am

EUR/USD

Corrective attempt from 1.4125, 23 June low, was capped by 55 day MA at 1.4304, ahead of fresh leg lower to extend broader weakness off 1.4440 and test 1.4100 level. Brief break below trendline connecting 1.3968 and 1.4073 low may signal further weakness and retest of 1.4073, 16 June low, break of which would open key short-term support at 1.3968, 23 May low. Hourly studies see scope for correction, with immediate barrier at 1.4200 and lower high seen under 1.4260, to maintain immediate bears.

Res: 1.4197, 1.4226, 1.4247, 1.4276
Sup: 1.4102, 1.4073, 1.4000, 1.3968

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GBP/USD

Maintains bear tone off 1.6546, 31 May high, after bounce from key support at 1.5935 stalled at 1.6045. Subsequent weakness broke below 1.5935, to test levels near 1.5900, with focus on 1.5880, Fib 61.8% of 1.5343/1.6745 upleg, loss of which would confirm top at 1.6745 and open way for broader weakness, targeting 1.5750 next. Near-term corrective action faces initial resistance at 1.6045/65 zone.

Res: 1.6000, 1.6045, 1.6065, 1.6077
Sup: 1.5912, 1.5900, 1.5880, 1.5820

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USD/JPY

Maintains near-term positive tone after break above the recent consolidative range, as psychological support at 80.00 remains intact. Clearance of previous high at 80.78 is now approaching key near-term barrier at 81.05, above which would signal stronger recovery towards 81.76/82.20, key short-term resistances. Corrective dips on extended hourly conditions, need to be contained above 80.40 to keep immediate bulls in play.

Res: 80.87, 81.05, 81.76, 82.20
Sup: 80.66, 80.48, 80.29, 80.12

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USD/CHF
Slight recovery has followed overnight’s opening at fresh historical low at 0.8316, trading currently under 0.8400 barrier. Hourly studies see scope for further recovery, with clearance of 0.8400 to focus 0.8436, 23 June high next. However, daily studies are losing momentum and fresh weakness after current corrective attempt would be the likely scenario.

Res: 0.8400, 0.8436, 0.8450, 0.8475
Sup: 0.8338, 0.8325, 0.8316, 0.8300

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